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Mobility as a Service Market Research Report by Industry Size, Share Analysis and Growth Forecast to 2024

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Mobility as a Service Market Research Report by Industry Size, Share Analysis and Growth Forecast to 2024

February 10
17:52 2020
Mobility as a Service Market Research Report by Industry Size, Share Analysis and Growth Forecast to 2024

Mobility as a Service Market Research Report
Increasing Concern Regarding Environmental Degradation Driving Mobility as a Service Market

In 2018, the mobility as a service (MaaS) market generated a revenue of $171.5 billion and is expected to reach $347.6 billion in 2024, advancing at a 11.9% CAGR during the forecast period (2019–2024). The market is growing due to the increasing concerns regarding greenhouse gas emissions, urban road congestion, cost-effective and convenient mobility option, and supportive government initiatives for facilitating the adoption of MaaS. The integration of different transport services in one single mobility offer, with active mobility and an efficient public transport system as a basis is referred to as MaaS.  

In terms of service type, the mobility as a service market is categorized into shuttle service, bike sharing, car rental, ride sharing, carsharing, and ride hailing. Out of these, the car rental category dominated the market during the historical period (2014–2018) and is projected to hold the largest share of the market during the forecast period as well. This is because of the growing travel & tourism industry across the globe across the globe. The shuttle service category is predicted to grow at the fastest pace during the forecast period. 

When commuting pattern is taken into consideration, the mobility as a service market is divided into occasional commuting, daily commuting, last-mile connectivity, and others (which include use of business-class transport by executives and luxury vehicles by individuals for their vacation/trips). Among these, the daily commuting division held the largest share of the market during the historical period and is further expected to retain its position during the forecast period. The reason for this is the growing demand for shared mobility services among the younger population for meeting their daily commuting needs.

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The surging concerns regrading greenhouse gas emissions is a key driving factor of the mobility as a service market. The rapid environmental degradation due to the depletion of ozone layer is resulting in the rising concerns toward environmental protection. Environmental agencies are particularly getting concerned regarding the surging amount of exhaust fumes from vehicles. In order to take care of this situation, different countries are formulating strict regulations, attributed to which the government is taking several initiatives to encourage the adoption of MaaS, as it could help reduce the number of vehicles on the road.   

The deployment of electric fleet in mobility services is a key trend being witnessed in the mobility as a service market. In addition to taking initiatives for encouraging the adoption of shared mobility services, governments and companies are also focusing on introducing electric vehicle fleets for mobility services. For example, in 2018, Volkswagen AG announced regarding the launch of an all-electric carsharing service under the brand name WeShare, by the second quarter of 2019. The fleet would include 1,500 Volkswagen e-Golf and 500 Volkswagen e-up! in the later part of the year.

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The introduction of autonomous vehicles in MaaS is predicted to create wide opportunities for the players operating in the mobility as a service market. Autonomous taxis are expected to offer ride sharing services at much lower costs, attributed to the higher utilization rates as compared to mobility services which are currently present. This will further result in the shifting interest of consumers from buying personal vehicles and adopt autonomous MaaS.

Hence, the market is growing considerably due to the increasing concerns about greenhouse gas emissions.

Browse More Reports on Automotive Industry by P&S Intelligence:

India Electric Car Market Research Report:

Valued at $71.1 million in 2017 by P&S Intelligence, the Indian electric car market is projected to grow by almost 10 times during the forecast period 2018–2025, eventually generating a revenue of $707.4 million! And, it’s not just the total revenue, which is expected to be high during the forecast period, but also its CAGR (34.5%).

Car Rental Market Research Report: 

Witnessing a 7.9% CAGR, the car rental market is expected to generate a revenue of $122.6 billion in the coming years

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